As many as 2 in 3 Americans are more interested in buy now pay later (BNPL) in 2022 compared to before the pandemic.
The rise of buy now pay later payment options for consumers and businesses
The growing demand for BNPL is highlighted in an infographic from Opy, a payments fintech.
The infographic shares the results of the survey that examined the trends and opinions of 1,000 American consumers.
Consumers want flexible payment options
It shows that consumers are demanding flexible payment options, with 43% of dental patients wanting BNPL and the same number of pet owners expressing preference.
The majority of respondents said that payment flexibility is the most desired feature of BNPL.
Consumer fears about payments
The infographic shows that nearly 75% of consumers aged 43 to 57 are concerned about health care costs. 66% of pet owners are concerned about future vet costs. Because concerns about payments are commonplace, 2 in 3 Americans are familiar with BNPL as an alternative to credit, debit or cash, the survey finds.
Benefits of BNPL
The study looked at what consumers consider the benefits of BNPL. 43% of pet parents cited payment flexibility as the greatest benefit. 30% of respondents like to use BNPL to avoid credit card fees and interest, and 22% of consumers like the fair, flat rates BNPL offers.
Who is interested in BNPL?
Opy’s research explored the relationship of different demographics with this type of payment solution.
If it turns out that East Coast consumers are more likely to use BNPL than West Coast consumers, 55% of East Coast respondents say they are interested in BNPL, compared to 42% on the West Coast.
The survey also revealed that millennials’ interest in BNPL has increased more than any other age group during the pandemic.
Opy’s research may focus on veterinary and dental payments, but it highlights the importance of providing consumers with BNPL and flexible payment solutions regardless of what items a company sells.
This post The rise of buy now pay later payment options for consumers and businesses was original published at “https://smallbiztrends.com/2022/05/buy-now-pay-later-options-for-consumers.html”